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TPS61235P: TPS61235P : 5V boost Inquiry

Part Number: TPS61235P

Hi

Input voltage 4.07V / 2.4A (Li-ion Battery)
Output voltage 5.14V / 1.64A

Calculating efficiency is 86%.

Input voltage drops up to 3.67 volts when using output terminal LOAD.

Calculation of the input voltage at 3.67V results in 95%.

Which formula is correct?

And is it normal operation?